What is a resident-owned community and what does it mean for homeowners?
Our members celebrate the purchase of Prairie Lake Estates.
• In a resident-owned community, tenants form a not-for-profit corporation called a cooperative.
• Each household is a member of the cooperative and an equal owner of the land. As a group, the cooperative owns the land and manage the community.
• The members continue to own their own homes individually.
• There are many benefits to living in a cooperative, including control of monthly lot rent, repairs and improvements, lifetime security against unfair eviction, liability protection (members are not personally liable for co-op loans), and a strong sense of community. Everyone has a say in the way the park is run, and major decisions are made by democratic vote.
• Each household is a member of the cooperative and an equal owner of the land. As a group, the cooperative owns the land and manage the community.
• The members continue to own their own homes individually.
• There are many benefits to living in a cooperative, including control of monthly lot rent, repairs and improvements, lifetime security against unfair eviction, liability protection (members are not personally liable for co-op loans), and a strong sense of community. Everyone has a say in the way the park is run, and major decisions are made by democratic vote.
